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Cardano’s 2-Month Bullish Momentum Ends

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Cardano (ADA) price has been trapped in a consolidation phase since early August, unable to break free from macro-level stagnation. Despite initial signs of bullish momentum, ADA has struggled to sustain upward movement.

This prolonged consolidation has left investors questioning what’s next for Cardano’s price as it approaches key support levels.

Cardano Faces the Bears

Cardano’s current market sentiment reveals a potential challenge, especially among short-term holders. The MVRV Long/Short difference, a metric indicating market profitability, shows that short-term holders are currently in profit. These short-term holders typically hold assets for less than a month and are more inclined to sell during market fluctuations. 

Highly negative values on the MVRV Long/Short difference highlight their profitability, signaling an increased likelihood of selling pressure, which may create additional headwinds for ADA’s price stability. A wave of short-term selling could stall any potential upward movement, especially if ADA’s price fails to regain momentum. 

Read more: How To Buy Cardano (ADA) and Everything You Need To Know

Cardano MVRV Long/Short Difference.
Cardano MVRV Long/Short Difference. Source: Santiment

Cardano’s macro momentum has shifted recently, with technical indicators such as the Moving Average Convergence Divergence (MACD) signaling an end to the bullish phase. After over two months of positive movement, the MACD has recorded its first bearish crossover since mid-August. This change reflects a loss of upward momentum and introduces the possibility of a continued downtrend. 

The bearish crossover on the MACD suggests that Cardano may face further resistance in gaining ground. This direction highlights the challenges faced by ADA, with bearish momentum casting a shadow over the near-term outlook.

Cardano MACD.
Cardano MACD. Source: TradingView

ADA Price Prediction: Finding a Support

Cardano’s price has dropped by 10% in recent days, currently hovering below the $0.33 level. This price point has served as a crucial support floor for over a month, and losing it indicates further downside.

While recovery is possible, ADA may still consolidate below $0.33, as it has struggled with this level acting as resistance in the past months. If ADA remains range-bound, it is likely to trade between the $0.31 support and $0.33 resistance in the short term.

Read more: Cardano (ADA) Price Prediction 2024/2025/2030

Cardano Price Analysis.
Cardano Price Analysis. Source: TradingView

Should Cardano manage to breach $0.33, it would then face resistance at $0.37, a key barrier marking the upper limit of ADA’s recent consolidation range. Only a breakthrough above $0.37 would invalidate the bearish-neutral thesis and signal a stronger uptrend.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Bitget’s New Token Listing Portal Demands Quality, Not Fees

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Bitget, a leading crypto exchange, opened a transparent new listing application portal for project teams. This comes shortly after several other crypto exchanges face allegations of charging huge fees for token listing.

Bitget will not charge project teams to receive a listing, but the exchange demands high standards for all listed tokens.

Bitget’s Token Listing

Crypto exchange Bitget opened a new application portal for token listings, according to a press release shared with BeInCrypto. Bitget promised that the portal would include enhanced due diligence and a rigid review process for token listings and generally aim to provide project teams with transparency. This comes one day after a major token listing controversy from Binance and Coinbase.

Read More: Bitget Review: What You Need To Know in 2024

Specifically, several token developers and community leaders described incidents where these exchanges asked for exorbitant listing fees. These include an alleged demand for 15% of one team’s total token reserve or similar expenses to receive a listing. Major exchange listings can significantly increase token valuation and trade volume, leading some to pay high premiums.

Exchange Performance Highlights
Exchange Performance Highlights. Source: Mo Ezeldin

In this controversy, several parties from both sides have advocated for the growing decentralized exchange sector. However, Bitget is a centralized exchange, and it’s using this new listing portal to claim it’s a transparent one.

“[We] at Bitget strive to create a platform where crypto gems can truly shine. Bitget prioritizes projects with strong innovation, network effects, and ecosystem value. Our listing and security team work closely to make sure we bring trustworthy projects on the platform. We aim to… [drive] continuous innovation and prosperity in the crypto industry,” Bitget CEO Gracy Chen stated.

Read More: What Are Decentralized Exchanges and Why Should You Try Them?

Bitget emphasized that it does not charge any fees during the listing application process, whether to begin or as payment for assessment services. The firm also claims to collaborate with project teams in several steps and monitor tokens after the official listing. Underperforming tokens may even face delisting if they fail to meet quality standards continually.

However, the process isn’t easy. Above all, Bitget asks potential clients to report any improper conduct or conflicts of interest from company representatives.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Is a Bigger Rally on The Way?

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Este artículo también está disponible en español.

Ethereum price found support near $2,350 and started a fresh increase. ETH is rising and might aim for a move above the $2,580 resistance.

  • Ethereum started a fresh surge above the $2,500 resistance zone.
  • The price is trading above $2,500 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it settles above $2,580 and $2,620.

Ethereum Price Restarts Increase

Ethereum price found support near $2,350 and started a fresh increase like Bitcoin. ETH was able to climb above the $2,420 and $2,450 resistance levels to move into a positive zone.

It cleared the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low. Besides, there was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,500 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.

On the upside, the price seems to be facing hurdles near the $2,580 level. The first major resistance is near the $2,620 level. The main resistance is now forming near $2,650. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance.

Ethereum Price
Source: ETHUSD on TradingView.com

An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.

Another Drop In ETH?

If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone.

A clear move below the $2,500 support might push the price toward $2,450. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,350.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,450

Major Resistance Level – $2,620



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What Past US Elections Reveal About Crypto Market Trends

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The US Presidential election is anticipated to have a substantial impact on global markets, with the cryptocurrency sector standing as no exception. Traders, analysts, and crypto enthusiasts worldwide closely monitor the US, where shifting attitudes toward digital assets make a difference.

In a recent report, on-chain analytics platform Santiment explored the connection between the most important US political event and crypto market movements. With results expected in days, here’s a look back at the crypto market reactions during the last two US presidential election cycles.

How Did US Elections Impact Crypto During Past Cycles

Analysts expect a close race in the 2024 US presidential election and predict a prolonged counting period. Given the tight competition, multiple days may pass after Election Day on Nov. 5 before the final results are confirmed and the next president is publicly announced.

In past elections, markets have reacted swiftly to presidential outcomes. Officials announced Joe Biden’s victory in 2020 four days after Election Day, triggering positive trends despite ongoing global economic turbulence from COVID-19.

While the election influenced market movements, some argue that a bull run was already on the horizon as the international community focused on economic recovery and pandemic response.

Crypto Market Dynamics in November 2016
Crypto Market Dynamics in November 2016. Source: Santiment

After Donald Trump’s 2016 victory, the crypto market saw a minor five-day retrace, with Bitcoin and altcoins dipping before quickly rebounding from the initial volatility. Cryptocurrency markets are famously volatile, and election cycles tend to amplify this effect.

In 2020, Joe Biden’s win fueled optimism for stimulus-driven policies and potentially more lenient monetary practices, leading to a surge in crypto prices. The brief dip and swift recovery in 2016, contrasted with the post-election rally in 2020, highlight how political shifts can significantly impact market trends.

As a result, the announcement of Joe Biden’s victory in the 2020 election was far more positive for crypto, and markets reacted almost instantly after the news broke.

Read more: How Can Blockchain Be Used for Voting in 2024?

Crypto Market Dynamics in November 2020
Crypto Market Dynamics in November 2020. Source: Santiment

The 2024 election is expected to bring significant price fluctuations in crypto markets, driven by the incoming administration’s stance on regulation and policy. Both major presidential candidates have outlined their views on cryptocurrency, offering a glimpse into the potential direction of US digital asset policy in the years ahead.

Candidate Positions on Cryptocurrency: Trump vs. Harris

Donald Trump

Cryptocurrency enthusiasts widely view Trump’s proposals as more favorable due to his emphasis on industry-friendly policies and his family’s active involvement in digital assets. The crypto community has largely responded positively to his proposals, which many view as encouraging to market growth:

  • National Bitcoin Reserve: Trump proposed creating a national bitcoin stockpile at the Bitcoin 2024 conference in July, aimed at establishing the US as a cryptocurrency frontrunner.
  • Crypto-Friendly Regulatory Policies: Trump has pledged to create a presidential advisory council on cryptocurrency, aiming to develop clear, favorable regulations.
  • SEC Leadership Overhaul: Trump has stated he would replace SEC Chair Gary Gensler, aiming for a regulatory shift he describes as more favorable to digital assets.
  • Family Ventures in Crypto: Trump’s sons, Donald Trump Jr. and Eric Trump, recently launched World Liberty Financial, a cryptocurrency exchange, underscoring the family’s involvement in the industry.
Kamala Harris

Harris, though supportive, emphasizes consumer protection, which some in the crypto space interpret as less conducive to industry expansion:

  • Support for Innovation in Digital Assets: Harris has voiced support for digital assets and AI, emphasizing the need to foster innovation while protecting consumers.
  • Framework for Regulatory Clarity: Harris proposed a regulatory framework for digital assets in October 2024, focusing on investor protections and transparent guidelines.
  • Blockchain’s Potential: Harris has acknowledged blockchain technology’s potential, calling for balanced regulations that support innovation without compromising consumer safety.
  • Engagement with Industry Leaders: Harris has engaged in dialogue with cryptocurrency leaders throughout 2024, signaling her openness to digital innovations while maintaining regulatory standards.

These differing approaches have resulted in a significantly higher volume of mentions around Trump’s crypto discussions and policies compared to Harris’s, reflecting the community’s heightened interest in his approach.

Mention Rate Trump vs. Harris, 2024
Mention Rate Trump vs. Harris, 2024. Source: Santiment

On Polymarket, prediction rates show higher support for Trump over Harris among the crypto community, though Harris has recently closed the gap, making it a closer race.

Read more: How To Use Polymarket In The United States: Step-by-Step Guide

Regardless of who wins the 2024 election, the cryptocurrency sector anticipates continued growth and evolving regulatory frameworks as the new administration steps in. The crypto community will closely observe how the incoming administration navigates the rise of digital assets, balancing the drive for innovation with regulatory safeguards.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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